Oil reservoir found in Golan Heights, says company

[Jesus Malverde]

An oil reservoir has been discovered in the Golan Heights, Israeli energy company Afek officially revealed on Monday.

The company, which previously only hunted at the discovery, on Monday requested permission to drill additional wells in the area.

"Initial findings from the drilling confirm the discovery of an oil reservoir in the Golan and further justifies continuing the exploration program," said the request. "We need more time for this."

In recent months Afek, a subsidiary of American company Genie Energy, has been drilling for oil in the Golan Heights. Its request to search for oil in the area was controversial.

http://www.ynetnews.com/articles/0,7340,L-4699008,00.html

Who is on the Board of Genie?

-Michael Steinhardt (SAB Chairman)
Noted Wall Street investor and Principal Manager, Steinhardt Management LLC. Founder Steinhardt, Fine, Berkowitz & Co., and noted philanthropist.

-Marry Landrieu
United States Senator from Louisiana from 1996 to 2014. Senator Landrieu served as chair of the Senate Committee on Energy and Natural Resources. In her capacity as chair, she sponsored and passed the U.S.-Israel Energy Cooperation Bill. The bill fosters partnerships focused on developing resources such as natural gas and alternative fuels, on the academic, business and governmental levels.

-Rupert Murdoch
Founder and Executive Chairman of News Corporation, one of the world’s largest diversified media companies. News Corporation’s holdings include Fox Entertainment, Dow Jones and Company, the New York Post, HarperCollins and significant media assets on six continents.

-Bill Richardson
Governor of New Mexico from 2003 to 2011. Mr. Richardson has served asU.S. Ambassador to the United Nations (1997-1998), Energy Secretary in the Clinton administration (1998-2001), Chairman of the 2004 Democratic National Convention, and as Chairman of the Democratic Governors Association.

-Jacob Rothschild, OM, GBE
Chairman of the J. Rothschild group of companies and of RIT Capital Partners plc. Chairman of Five Arrows Limited. Lord Rothschold is a noted philanthropist and Chairman of the Rothschild Foundation.

-Dr. Lawrence Summers
Charles W. Eliot University Professor and President Emeritus at Harvard University. Dr. Summers served as the 71st Secretary of the Treasury under President Clinton and as Director of the National Economic Council for President Obama.

-R. James Woolsey
Director of Central Intelligence from 1993 to 1995 and as Under Secretary of the Navy from 1977 to 1979. Mr. Woolsey is co-founder of the United States Energy Security Council and is Chairman of the Foundation for Defense of Democracies.

http://genieoilgas.com/about-us/strategic-advisory-board/

[IDemo]

1. That's great to hear

So they can take care of their own financial foreign aid now.

[enough]

3. My thought exactly. (nt)

[kelliekat44]

5. Now they will really take more land and wreak havoc on the Palestinians.

It used to be that the main fight over the land was really all about the water wells...not its gas and oil.

[Warren DeMontague]

9. Well, they already occupy the Golan, and realistically I dont think they will ever give it back to

Syria.

(I'm not interested in arguing the moral or legal validity of that position, only saying that I highly doubt it will ever change.)

It's a separate situation from the West Bank and Gaza, with its own set of questions.

[6chars]

6. it is great to hear

Divine approval?

[IDemo]

8. Could be

[MisterP]

10. who, Syria?

[IDemo]

11. Israel

The oil reservoir was found in northern Israel by an Israeli energy company.

[MisterP]

12. no, it was found in western Syria ...

[IDemo]

13. I guess that has been the point of contention since 1967

So yes, the Syrian Golan, if you prefer. I don't expect al-Assad to enjoy any of the drilling revenue, however.

[MisterP]

14. yeah, it's by FSA territory

[Jesus Malverde]

2. Major reserve discovery confirmed in Golan Heights

Genie Energy, a company with headquarters in the United States, confirmed it made a major discovery of oil and natural gas in the Golan Heights.

The New Jersey-based company said data from exploratory wells drilling into the area confirm what it said were "significant" quantities of oil and natural gas.

"We remain optimistic given the results to date," Genie Chairman and Chief Executive Officer Howard Jonas said in a statement. "We are now working diligently to determine the production costs and total quantity of the resource."

The company's Israeli subsidiary, Afek Oil and Gas, drilled into a column of reserves about 1,150 feet thick, about 10 times larger than the global average.

Former U.S. Vice President Dick Cheney had served as an adviser to Genie. In a profile published by Israeli newspaper Haaretz, Genie CEO Jonas was described as one of the primary campaign supporters and U.S. allies of Israeli Prime Minister Benjamin Netanyahu.

http://www.upi.com/Business_News/Energy-Industry/2015/10/09/Major-reserve-discovery-confirmed-in-Golan-Heights/6461444389373/

[packman]

4. Oil found - Danger Will Robertson

?t=2

If they had problems before, now they have burden of having oil - seems like this is a recipe for true disaster in that part of the world

[2naSalit]

7. With a ripple effect to circle the globe. nt

[ChisolmTrailDem]

15. Board members all also members of The Club. Which club, you ask?

[LompocDem]

16. Environmental Questions

If this area is developed, where does the oil go and how? I know nothing of the shipping rules in the Med but however this oil is shipped it will most likely be a target for sabotage.

I hope that one day, in my lifetime, an oil discovery won't be a reason to celebrate for those that find it.

[Orrex]

17. A little Roger Waters to ease the pain:

The prophet reclined
On the Golan Heights
He said, "this land is my land"
To the Shiites

And Jehovah looked up from the sea of Galilee beneath
He said, "I see you, you thief
This land is my land
And this sand is my sand
And this band is my band"
Oh the lonely boys
Lookin' over their shoulder
Checkin out every boulder in the park
Where the gates are closed from hate
After dark

And the Pope rolled up in his armored van
He fell on his knees and kissed the land
He said something that I did not understand
It was in Polish
Then up stepped an aide
He said, I will translate
Here is what His Holiness said:
"I am the Chief Jesuit.
This land is Jesus' land.
And that is all,
All that there is to it."

And in New York City
The business man in his mohair suit
In the world trade center
Puffs on his cheroot
And he said,
"Well I don't care who owns the desert sands
My brief
Is with the hydrocarbons underneath."

from Tower of Faith 1985